ICK "Fines Pre-Recognized as Provisions Last Year"

[Asia Economy Reporter Hyungsoo Park] ICK stated on the 15th regarding the Fair Trade Commission's fine imposition that "Since the expected amount was reflected in advance last year, the difference with the actual fine imposed this year will be recorded as profit."

This is a follow-up explanation about the approximately 3.2 billion KRW fine imposed on the violation of bid-rigging for integrated circuit (IC) card supply with a competitor on the 14th.

An ICK official said, "At the 2021 fiscal year-end closing, about 8.5 billion KRW was recognized as a provision related to the fine and reflected in the financial statements," adding, "The difference between the actual fine and the provision will be reversed this year."

ICK provides a selfie service certified by global certification bodies and the Korea Credit Finance Association. It plans to offer payment solution services in various countries including Asia and Europe. Through pioneering overseas card markets, operating profit turned positive in the first quarter of this year.

A company official said, "This year, following performance improvement, operating funds have also been sufficiently secured," and "Not only the core card business but also new business ventures are progressing smoothly."